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Many aspiring first-time buyers feel ill-equipped to navigate the property market, according to new research from Lloyds Bank.
In a survey of 2,000 prospective buyers, just 13% said they fully understand the homebuying process. Nearly a third (32%) said they understand most steps, while 42% admitted to knowing only some.
The legal process – including conveyancing and dealing with the Land Registry – was seen as the most daunting aspect by 29% of respondents. Other key areas of uncertainty included securing a mortgage (22%) and finding the right property (12%). Just 4% felt confident about every stage of the process.
Affordability remains a major barrier. More than one in five (22%) said saving for a deposit had delayed their ability to buy, while 19% cited concerns about job security or income.
Despite the challenges, most first-time buyers are seeking guidance. Nearly two-thirds (65%) plan to consult a lender or mortgage broker, although 19% said they don’t intend to seek any advice.
Parents were named the most trusted source of support, particularly among younger buyers — 34% overall said they would turn to family, rising to 46% among those aged 18 to 24.
Amanda Bryden, head of mortgages at Lloyds, commented: “Buying your first home is a big milestone, and it’s natural to feel uncertain – especially with so much to consider.
“The good news is there’s plenty of help available, from clear online guides to a conversation with a qualified mortgage adviser or broker.
“With the right support, taking that first step onto the property ladder becomes much more manageable.
“And with mortgages available with as little as a 5% deposit, it’s often more affordable than you might think.”
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